Madmix Shakes Up the Snack Industry with Pre-seed Funding from Prime Securities
Madmix, a ready-to-eat snacks brand, has made headlines by securing an investment in its pre-seed funding round led by Prime Securities.
As per the startup, the freshly raised funds will be used towards marketing efforts, sales team expansion, and future product development.
The round, which valued the startup at approximately Rs 12 crore, also saw participation from investors like Authum Investments and Team India Managers.
Madmix | Ready-to-eat snacking brand
Founded by Gaurav Palrecha, Madmix is a ready-to-eat snacking brand offering a range of snacks made from millets like jowar, including puffs in 5 different flavours. The startup also offers a millet-based ready-to-cook range, which includes chilla, bread mix, dosa, idli, and flour mix.
Speaking about the development, Gaurav Palrecha, founder and director of Madmix, stated that the fresh funds will enable the startup to achieve its growth numbers.
“We’re thrilled by the incredible support our investors have shown, it’s a true validation of our journey into the realm of madness. Consumers are becoming more conscious and are making healthy choices, and we want to support them in their journey.”
Revolutionizing the Snack Industry
OWNED BY Mel Sante Food Production, the snack brand is revolutionizing the way people approach good food by offering wholesome and healthy alternatives to snacking and meals.
As per the startup, the funding will boost its growth and opportunity after two years of bootstrapping. This will further expand its presence beyond the countries where it’s already established. Currently, the ready-to-eat snacks brand operates in India, Nepal, Hong Kong, New Zealand, and the USA.
With the increasing demand for high-quality snacks, several home-grown snacking startups are well-positioned to transform the snacking industry by offering delicious and guilt-free options.
In July 2023, Kerala-based banana chips brand Beyond Snack raised $3.5 million in a pre-series A funding round. Earlier in April, Kikibix, a Gurugram-based nutrition-snacking startup, raised $300K in funding to launch more product categories, build a team, and enter more distribution channels across the country.
Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, debt funding, CFO Services, or other startup related legal services, contact us.